2019

Assignment 1
ENGAGEMENT LETTER
VALENTIN MOZHEEV
 Oceanview Marine Company
Engagement Letter
December 31, 2018

LILTS BERGER & ASSOCIATES 4-1

Certified Public Accountants CW 11/23/2018
Ocean City, Florida 33140 VM 2/19/2019

October 30, 2018

Mr. Donald Phillips, President

Oceanview Marine Company
36 Clearwater Lake Road
Ocean City, Florida 33140

Dear Mr. Phillips:

You have requested that we audit the financial statements of Oceanview Marine
Company, which comprise the balance sheet for December 31, 2018, and the related
statements of income, changes in stockholders’ equity, and cash flows for the year then
ended, and the related notes to the financial statements. We are pleased to confirm our
acceptance and understanding of this audit engagement by means of this letter. Our
audit will be conducted with the objective of our expressing an opinion on the financial
statements.

We will perform our audit in accordance with auditing standards generally accepted
in the United States of America (GAAS). An audit is designed to provide
reasonable assurance that the financial statements are free of material
misstatement, whether due to fraud or error. An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risk of material misstatement of the financial
statements. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial
statements.
 Oceanview Marine Company 4-2
Engagement Letter CW 11/23/2018
December 31, 2018
VM 2/19/2019
Because of the inherent limitations of and audit, together with the inherent
limitations of internal control, an unavoidable risk that some material misstatements
may not be detected exists, even though the audit is properly planned and performed
in accordance with GAAS.

In making our risk assessments, we consider internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the purpose of
expressing an opinion on the effectiveness of the entity’s internal control. However,
we will communicate to you in writing concerning and significant deficiencies or
material weaknesses in internal control relevant to the audit of the financial
statements that we have identified during the audit.

Our audit will be conducted on the basis that the management of Oceanview Marine
Company acknowledges and understands that it has responsibility for
a. the preparation and fair presentation of the financial statements in accordance
with accounting principles generally accepted in the United States of
America;
b. the design, implementation and maintenance of internal control relevant to
the fair presentation of the financial statements that are free from material
misstatement, whether due to fraud or error.
c. to provide us with access to all information of which management is aware
that is relevant to the preparation of the financial statements such as records,
documentation, and other matters; additional information that we may
request from management for the purpose of the audit; and unrestricted
access to persons within the entity from whom we determine it necessary to
obtain audit evidence.
As part of our audit process, we will request from management written confirmation
concerning representations made to use in connection with the audit.

We will issue a written report upon completion of our audit of Oceanview Marine
Company’s financial statements. Our report will be addressed to the board of directors
of Oceanview Marine Company. We cannot provide assurance than an unmodified
 Oceanview Marine Company
Engagement Letter 4-3
December 31, 2018 C W 11/23/2018
VM 2/19/2019
opinion will be expressed. Circumstances may arise in which it is necessary for us to
modify our opinion, add an emphasis-of-matter or other-matter paragraph, or withdraw
from the engagement.

The timing of our services is scheduled for performance and completion as follows:

Begin interim fieldwork December 1, 2018

Completion of fieldwork March 15, 2019
Delivery of management letter March 22, 2019
Delivery of audit report March 29, 2019
Delivery of tax returns March 29, 2019

Our fees will be based on our standard hourly rates. Invoices will be submitted periodically
as the work progresses and are payable upon presentation. Should we find any conditions
that could significantly affect our initial estimated total fees of $32,000, we will notify you
immediately.

Please sign and return the attached copy of this letter to indicate your acknowledgement
of, and agreement with, the arrangements for our audit of the financial statements
including our respective responsibilities.

Yours very truly,

Charles Ward
Charles Ward, CPA
Partner

Per: Donald Phillips

Donald Phillips, President
Oceanview Marine Company
November 10, 2018